Business of VO – New Year’s Day – Retirement

Happy New Year!!! It’s 2019 – make it your best boss year! The BOSSES are here to help you plan for success and a major component of any good business is sound financial planning. This includes retirement! This is a topic rarely explored in the voiceover world but it's one you should be thinking about and actively planning for. It’s never too soon or too late to start.



Takeaways

Quick Concepts from Today’s Episode

  1. Retirement planning includes many components: life insurance, IRAs, 401K, mutual funds and more.

  2. A financial advisor is a great way to start the process. They act as a partner and guide.

  3. SAG AFTRA actors are better primed for retirement via the union.

  4. Max out your annual investments to off-set taxable income.

  5. SEP IRAs are great ways to build wealth as a business owner.

  6. If you have a portfolio via a previous employer, you should know how to continue to add to it.

  7. When you’re not working anymore – how are you going to get that income that sustains you now?

  8. When you are younger, invest aggressively, and as you get older you decrease the risk tolerance on your investments.

  9. Try to let investments be long-term. Don’t babysit them closely or allow day to day ups and downs to bother you.

  10. Invest early if you can. Even a few hundred dollars can be a great start.

  11. Deduct investment savings automatically so you get used to it being a regular bank transaction, weekly or monthly.

  12. You don’t need to have lots of money to begin working on retirement planning. You can start with zero money and begin by making a plan.

  13. A financial advisors job is to help you grow wealth. They don’t expect that you are wealthy already.

Tweet This

Share ideas with your own network ++

I’m planning for my financial health and well-being #VOBOSS Click To Tweet

One day, I will retire…but it’s not today. #VOBOSS Click To Tweet

You don’t need to be wealthy to build wealth. #VOBOSS Click To Tweet


Referenced in this Episode

Direct links to things we brought up ++

  1. Retirement options for Freelancers – Fidelity

  2. Retirement options for the Self Employed – Nerdwallet

  3. Freelancer Saving’s Plans – Forbes

  4. Recorded on ipDTL


Full Episode Transcript

>> Today’s voiceover talent is more than just a pretty voice.

>> Pretty voice.

>> Pretty voice.

>> Pretty voice.

>> Today’s voiceover talent has to be a BOSS.

>> BOSS.

>> A BOSS.

>> A BOSS.

>> Join us each week for business owner strategies and success with your hosts Anne Ganguzza and Gabrielle Nistico, along with some of the strongest voices in our industry.

>> Rock your business.

>> Rock your business.

>> Rock your business.

>> Like a BOSS.

>> Like a BOSS.

>> Rock your business like a BOSS.

>> Rock your business like a BOSS.

>> A VO BOSS.

>> A VO BOSS.

>> A VO BOSS.

Anne: Welcome, everybody, to the VO BOSS podcast. I’m your host, Anne Ganguzza, along with my Happy New Year cohost, Gabby Nistico. Hey Gabby.

Gabby: Hey! Happy New Year!

Anne: Yay! Happy New Year! I always love the beginning of a new year, Gabby. [sighs] It’s like —

Gabby: Something very refreshing or cleansing about it. Yeah.

Anne: It’s the start of an amazing year. I get so pumped up at the beginning of the year, just thinking about “oh yeah! I’m gonna do this for my business, and it’s gonna, it’s just gonna grow and improve!” and I have all sorts of wonderful, happy success manifest feelings about it. [laughs]

Gabby: Wow.

Anne: I get excited.

Gabby: My head’s in a slightly different place right now, slightly different.

Anne: Yeah?

Gabby: I literally just met with my financial advisor, because it’s that time of year, guys. Retirement, and investments, and portfolios, and we have to be thinking about all this stuff, right?

Anne: Gabby, retirement. I don’t think enough people think about retirement. I know that when I was younger, that was like the last thing on my brain as a working girl in the corporate world. The last thing on my brain was retirement. And I’ll tell you what, now that I’m getting a little bit older and I’m an entrepreneur, yeah, we need to address. We need to look ahead and plan for retirement. So Gabby, what sorts of things were you talking about in terms of retirement and planning?

Gabby: Nobody… in our business, nobody talks about retirement. I’ve never heard a voiceover refer to their career in terms of retirement, right?

Anne: Well, I have heard some SAG-AFTRA people though, because they do have a plan.

Gabby: Yes.

Anne: Right? They have a plan they’re talking about.

Gabby: Yeah, but nobody talks about it. It’s really not, it’s not a common conversation, and that’s why I think it’s great —

Anne: Very true.

Gabby: — that we’re bringing it up and exploring it. So there’s a couple of things that happen around this time every year with my financial advisor in conjunction with my accountant. We’re figuring out where can I max out all of my retirement investments in order to offset taxes, right? That’s a huge thing this time of year.

Anne: Oh yeah.

Gabby: So first —

Anne: Offsetting taxes is key.

Gabby: Oh God yeah. So first thing out of the gate is making sure that I’ve maxed out my Roth. $5500 done, in there for the year. Don’t have to think about it anymore.

Anne: Mm-hmm. Mm-hmm.

Gabby: And then, I also have a SEP for my business, which many of you might have, and if you don’t, you might want to look into it. Because what happens with a SEP account is, there’s quite a bit of money you can put into one. I think it’s up to $25,000 annually. And it too offsets your total income, and it’s pre-tax, and it’s a really, really amazing way to build up a pension for yourself and to build up that wealth for later in life.

Anne: So Gabby, talk to me about what is — or, and our listeners — what is a SEP account? What, how is that spelled, for those of you who have never heard of it?

Gabby: Yeah, it’s an S-E-P, SEP.

Anne: I’ve never heard of a SEP account.

Gabby: Ok, so a SEP-IRA is a Simplified Employee Pension Individual Retirement Arrangement.

Anne: Ohh.

Gabby: That’s what it stands for. Can you imagine, like the fact that I’m the one giving this financial advise right now, this is hysterical, right? My tattooed behind is talking retirement. Ok, here we go.